Venmo announced the launch of the “Venmo Encryption” service, enabling more than 70 million users to use the popular Venmo app to buy, sell and hold four types of cryptocurrencies, including Bitcoin. The company detailed that Venmo’s new encryption service further demonstrates Paypal’s commitment to the encryption space.

Venmo launches encryption service

Venmo, a Paypal service, announced the launch of “cryptocurrency on Venmo” on Tuesday, which was described as “a new way for more than 70 million Venmo customers to buy, hold, and sell cryptocurrencies directly in the Venmo app.” The deployment begins today. . The announcement continues:

Customers using cryptocurrencies on Venmo can choose from four types of cryptocurrencies: Bitcoin, Ethereum, Litecoin and Bitcoin Cash. When trading, customers can also choose to share their crypto journey with friends through Venmo feeds.

Users can use the Venmo app to start investing in cryptocurrencies at a price of $1. Customers can use funds in their Venmo balance or linked bank accounts or debit cards to make purchases.

Darrell Esch, senior vice president and general manager of Venmo, commented: “Our goal is to provide our customers with an easy-to-use platform that simplifies the process of buying and selling cryptocurrencies and eliminates some common consumer problems and misunderstandings. might have.”

The Venmo website explained that Venmo has obtained permission from the New York State Department of Financial Services to engage in virtual currency business activities, and pointed out that Venmo cannot be used to buy, sell and hold cryptocurrency in Hawaii and places prohibited by law. The announcement stated: “Through the partnership between Paypal and the regulated cryptocurrency product and service provider Paxos Trust Company, the encryption function on Venmo can be enabled.”

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The 2020 Venmo customer behavior study shows that more than 30% of Venmo customers have started buying cryptocurrencies or stocks, and 20% of them started buying during the pandemic. The announcement added:

The launch of this feature further strengthens Paypal’s commitment to promote the potential of digital currency to its customers while growing its customers, and to promote the understanding and use of cryptocurrencies on a large scale.

What do you think of Venmo’s launch of this encryption service? Let us know in the comments section below.

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